Undergrad Debt and going for NP

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Who here has at least $30,000 in student loans from undergrad and still decided to go for your nurse practitioner anyway??

I have been an RN since 2003. I currently have $30,000 in student loans. I have been putting off going for my Master'a because that would only mean more debt. I am sure at least $30,000 more.

Should I go ahead and go for it or would that be a stupid move?

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Specializes in Home Health, Primary Care.

I'm in the same boat as you. Not only do I have undergrad loans times 2 (non nursing BS then an ADN), but I also have an MSN Nursing Education and have put off going back for NP because of all this debt. But you know what, I've been wanting to go back for NP for a while now and no matter what, loans will be there, so I said what the hell!!! I've applied to one school so far and am still waiting for a response. Just my opinion, but I say go for it, you only live once, go for what you truly want to do and accomplish in your nursing career. Live the dream!!!:yes:

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Specializes in Clinical Research, Outpt Women's Health.

Seriously? Pay off the debt. Then you can do it. Y'all need to get real. Would you ever like to own a home or retire?

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Specializes in Home Health, Primary Care.

I actually do own my own home. Unfortunately many make money mistakes throughout life, no one is perfect, but one shouldn't let it stop them from pursuing their dreams. I personally am a Believer and I know I couldn't be where I am without my God. No one wants to live with regrets...."I wish I never got into so much debt that it's holding me back from pursuing my dreams." People do grow up, put their big girl panties on and attack debt like nobody's business while still pursing their dreams. The practical side of me put off going back for my nursing degree and decided to do it anyway. I wonder where I would be had I not. I'm happier now than I was with my previous degree. YES, I agree debt sucks, but I do believe you can't let it take hold of you and control you. YOU must control IT!!

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Seriously? Pay off the debt. Then you can do it. Y'all need to get real. Would you ever like to own a home or retire?

Student loan debt for a career such as nursing or becoming an NP is an excellent return on investment, even with student loan interest. Starting salary is minimum $90k for a NP. Maximum length of time to pay off a student loan is 10 years. Even if she were to have $80k worth of student loans, she'd have 10 years to pay it off; that would be less than $1,000 a month in payments. That's not too much. You seem to either be assuming that the OP is young and not established (ie doesn't own a home) or very near to retirement. Regardless, it doesn't take much to save/pay $12,000 a year for student loans when you're making $100,000 a year (or even $90k). I guess I'm kind of wondering about your lifestyle, that $12k a year (for less than 10 years) would prevent you from buying a house or retiring when you're making that kind of money.

When I graduated with my BSN, I had $65k in student loans (thanks to irresponsible spending). My monthly student loan payment was about $650. I was making low $60k a year, starting out. Not that big of a deal. I bought my house without a problem. Put money into my retirement. Raised my kids. And I paid my student loan payments until the loans were paid off. It was so worth it.

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Do you ever read any of Suze Orman? I really like her (I know some people might not) anyhow - she talks about how school debt is a great investment into yourself. I say go for it. Talk to some doctors, they have all kinds of debt, deep into the 6 figures. You'll do great.

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I think you have a lot of options. You can wait a bit and try to pay off as much as possible, or, depending on if you take classes full time, you can defer your loans and if you are able to land a well-paying job after NP school, it could be worth it.

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I still have BSN debt but I opted to do my MSN/NP part-time and work full-time so that I wouldn't have grad school debt. For my last year of school, I have now gone part-time work but I still do not and will not have debt by the time I graduate. Of course, I don't know your situation, i.e., if you have children/dependents, etc., but it can be done and why not? When you're a grad student, your undergrad loans are put on hold but I've been paying something off anyway. Are your undergrad loans subsidized or unsubsidized? You don't accumulate interest if it's a subsidized loan.

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Specializes in Nursing Professional Development.

A lot depends on the details of your situation -- and you did not provide those in your original post. Also, be sure to research your LOCAL job market. An earlier post said that starting salaries for NP's were around $90K. That is no where near the truth in my region. Salaries are much lower than that. So find out what types of jobs you would be likely to get as a new grad NP and what that type of job pays before assuming that your local job market pays that well.

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I have owned 3 homes already! Unfortunately due to a divorce I currently do not own. I am currently working on that once again now though!

Eventually I would like to retire!! I'm almost 38 years old.

I think I am going to pass on pursuing my Masters and work on other things like starting my own business and writing.

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I've read too much about diminished prospects for NPs in the overall job market, despite student debt concerns. I would think twice about this decision unless purely for personal satisfaction.

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There are loan forgiveness programs for RNs and NPs. There are also scholarships available for MSN students.

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